A Tristan Capital Partners fund, in a joint venture with White Star Real Estate, has sold five urban logistic assets in Poland to Exeter.
Tristan, which agreed the deal on behalf of its EPISO 4 fund, said the venture has sold the 160,000sqm logistic platform, which consists of assets located in Warsaw, Poznan, Wroclaw, Gdansk and Czeladz. Financial details were undisclosed
Tristan and White Star Real Estate bought the assets in December 2018 for around €86m.
James Brodie, managing director, portfolio and asset management at Tristan, said: “The Polish industrial sector has seen strong growth in recent years. We have seen tremendous resilience in the industrial market throughout the last couple of years, with little sign of deal flow slowing.
“This robust market performance has allowed us to achieve our goals for this asset ahead of schedule and deliver a positive result for the fund’s investors.”
Bartosz Szewczyk, managing partner in Poland at White Star Real Estate, said: “Throughout the joint venture’s tenure, we have benefited from exponential growth in the Polish logistics market. With the market seeing its single best quarter in its history in the first quarter of 2021 with a gross take-up of 1.6m sqm, it is clear that warehouse real estate continues to remain highly competitive in Poland as a means of capital investment.
“Our tenants appreciate the conveniently located, high-quality, modern industrial spaces in which we offer. Together with Tristan, we have been consistently responding to their business needs which resulted in us re-letting over 60% of the portfolio.”
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